The modernization of the refinery is expected to make the refinery a strategic asset for the energy security of Colombia. The project is expected to bring benefits that should boost the development of the Colombian Caribbean Coast region and the local manufacturing sector.

Keywords:

BOGOTA -- Ecopetrol announces that its board of directors
approved the allocation of an extra $502 million for the modernizationproject of its Cartagena refinery in 2013.

The decision was made after the management team of Reficar
asked for the additional funds based on an estimated budget of
$6,467 million.